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Midwest

AcquisitionsHealthcareIllinoisIndianaMidwestMissouri

JLL Brokers Sale of Seven-Property Medical Office Portfolio in Midwest

by Kristin Harlow

INDIANA, ILLINOIS AND MISSOURI — JLL Capital Markets has brokered the sale of a medical office portfolio spanning seven properties and 439,000 square feet for an undisclosed price. The assets are primarily located on hospital campuses in metro areas within Indiana, Illinois and Missouri. The Class A portfolio is 93 percent leased to healthcare systems such as Ascension, Franciscan, AMITA and University of Missouri Health. Mindy Berman, Daniel Turley, Tim Joyce and Brannan Knott of JLL represented the undisclosed seller. Healthpeak Properties Inc. purchased the portfolio.

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AcquisitionsIllinoisIndustrialMidwest

Peppercorn Capital Sells 70,000 SF Warehouse in Chicago for $12M

by Kristin Harlow

CHICAGO — Peppercorn Capital, a Chicago-based commercial real estate development company, has sold a 70,000-square-foot warehouse in Chicago for $12 million to Prologis. The property is located at 455 N. Ashland Ave. and features a ceiling height of 22 feet and five docking systems. Peppercorn purchased the asset in 2017 and leased it to movie production and equipment companies.

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IndianaLoansMidwestMultifamily

NorthMarq Arranges $11.9M Loan for Refinancing of Workforce Housing Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — NorthMarq has arranged an $11.9 million loan for the refinancing of La Joya Apartments in Indianapolis. Built in 1974, the 320-unit workforce housing community is located 10 miles from downtown. Lawrence Larisma and Ryan Taylor of NorthMarq arranged the loan with Freddie Mac. It features a 15-year term and a fixed rate. The borrower was undisclosed.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Negotiates $2.2M Sale of Single Room Occupancy Building in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Kiser Group has negotiated the sale of Park Beach Apartments in Chicago’s Hyde Park neighborhood for $2.2 million. The 77-unit single room occupancy (SRO) building is located at 5327 S. Cornell Ave. SRO refers to a form of housing that is geared toward residents with low incomes who rent furnished single rooms. The buyer will continue operating the property as an SRO. Park Beach Apartments includes 27 private bathroom units and 50 semi-private units. Jimal Gilbert and Lee Kiser brokered the transaction. Buyer and seller information was not disclosed.

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AcquisitionsIndustrialMidwestOhio

Cushman & Wakefield Brokers Sale of Marion Industrial Center in Central Ohio

by Kristin Harlow

MARION, OHIO — Cushman & Wakefield has brokered the sale of the Marion Industrial Center in Marion within central Ohio. The sales price was undisclosed. Located at 3007 Harding Highway East, the property includes more than 1.5 million square feet of warehouse and manufacturing space on 511 acres. Marion Industrial Center has direct access to the CSX rail network. There is enough land to facilitate the immediate construction of millions of square feet of new Class A warehouse space, according to Cushman & Wakefield. Whitney Kerr Jr., Michael Flynn and Mike Hurd of Cushman & Wakefield represented the seller, a privately held group. Grant Tidemann of J.P. Weigand Commercial partnered with the Cushman & Wakefield team on the transaction. Jaguar Transport, a transportation and logistics service company, was the buyer.

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DevelopmentIndustrialMidwestMissouri

Amazon to Build 1 MSF Fulfillment Center in Republic, Missouri

by Kristin Harlow

REPUBLIC, MO. — Amazon.com Inc. has unveiled plans to open a fulfillment center in Republic, about 14 miles southwest of Springfield. Construction of the 1 million-square-foot facility is expected to begin in 2021. Upon completion, Amazon expects to create more than 500 full-time jobs. Employees will pick, pack and ship bulky or lager-sized items such as patio furniture, outdoor equipment and rugs. Since 2010, Amazon has created more than 4,500 jobs in Missouri and invested more than $780 million across the state, including infrastructure and compensation to its employees.

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AcquisitionsHealthcareMidwestWisconsin

Montecito Medical Acquires 130,000 SF Medical Office Building in Suburban Milwaukee

by Kristin Harlow

GREENFIELD, WIS. — Montecito Medical Real Estate has acquired Aurora Health Center at 84South, a surgical center and medical office building in Greenfield, a suburb of Milwaukee. The purchase price was undisclosed. Built in 2019, the 130,000-square-foot, five-story facility is fully leased to Advocate Aurora Health. It is situated within the larger mixed-use development known as 84South. The property is one of the largest outpatient ambulatory sites for Advocate Aurora Health with eight surgical suites, two pain management procedure rooms, four gastroenterology suites and outpatient interventional radiological suites. The building also serves as a central location for Aurora Children’s Health Services and Aurora’s Sports Health Services. Advocate Aurora Health operates 27 acute care hospitals and employs roughly 3,700 physicians across Wisconsin, Michigan and Illinois.

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DevelopmentHealthcareIllinoisMidwest

McShane Completes Construction of New Facility for Option Care Health in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — McShane Construction Co. has completed a new build-to-suit facility for Option Care Health in Itasca. Quadrangle Development Co. and Janko Group were the developers. The 50,000-square-foot, single-story building houses office space, pharmacy and ambulatory infusion sites. There is also a treatment area, showroom space, pharmacy lab area and conference rooms. The building’s warehouse areas feature two walk-in coolers and freezers, two truck docks and two drive-in doors. Wright Heerema Architects and Whitney Architects made up the project team. JLL represented the tenant.

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LoansMichiganMidwestMultifamilySeniors Housing

Bernard Financial Group Arranges $11.5M Refinancing for Seniors Housing Property in Detroit

by Kristin Harlow

DETROIT — Bernard Financial Group has arranged an $11.5 million loan for the refinancing of an 82-unit seniors housing property in Detroit. Walker & Dunlop provided the Freddie Mac loan, terms of which were undisclosed. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, OP Senior Limited Dividend Housing Association LLC.

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AcquisitionsMidwestMinnesotaMultifamily

Timberland Partners Purchases 205-Unit Luxury Apartment Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Timberland Partners has purchased Preserve on Maine, a 205-unit luxury apartment property in Rochester near Minneapolis. The purchase price was undisclosed. Built in 2017, the community is located at 4010 Maine Ave. SE. The seller, Harbor Bay Real Estate Advisors, was also the property’s developer. Amenities include a fitness center, outdoor heated pool, entertainment room, dog run, pet spa and walking trails. There is also a daily shuttle service to the Mayo Clinic. Ted Abramson, Keith Collins and Abe Appert of CBRE Minneapolis Multifamily represented Harbor Bay.

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